Indicators show evidence of even stronger sellers’ market

All indicators in November continued to point toward a housing market that very much favors the seller, according to statistics provided by the Permian Basin Board of Realtors.

All indicators in November continued to point toward a housing market that very much favors the seller, according to statistics provided by the Permian Basin Board of Realtors.

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All indicators in November continued to point toward a housing market that very much favors the seller, according to statistics provided by the Permian Basin Board of Realtors.

All indicators in November continued to point toward a housing market that very much favors the seller, according to statistics provided by the Permian Basin Board of Realtors.

Indicators show evidence of even stronger sellers’ market

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All indicators in November continued to point toward a housing market that very much favors the seller, according to statistics provided by the Permian Basin Board of Realtors.

The PBBOR reported year-over-year increases in average price for a home sold -- $302,411 in November 2017 compared to $270,859 in November 2016 -- and median price for a home sold -- $260,000 compared to $239,965..

The total number of available homes on the market plummeted from 559 in November 2016 to 314 in November 2017 – a drop of 36.6 percent in 12 months. The average number of days a home stayed on the market also fell from 56 in November 2016 to 36 in November 2017 – a drop of 35.7 percent.

Meanwhile, the number of homes sold in one month rose (compared to the same month during the previous year) for the 14th straight month. The Texas A&M Real Estate Center reports there is 1.7 months of inventory on the market.